INCOME TAXES	9 Months Ended
Oct. 31, 2015
INCOME TAXES
INCOME TAXES	NOTE 6—INCOME TAXES The Company recognizes taxes payable for the current year, as well as deferred tax assets and liabilities for the future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. The Company’s effective income tax rate differs from the U.S. statutory rate principally due to state taxes, foreign taxes related to the Company’s Puerto Rico operations and certain other permanent tax items. The annual rate depends on a number of factors, including the jurisdiction in which operating profit is earned and the timing and nature of discrete items. For the thirteen weeks ended October 31, 2015 the effective tax rate was a 30.7% expense as compared to a 29.0% benefit recorded in the corresponding period of the prior year. For the thirty-nine weeks ended October 31, 2015 and November 1, 2014, the effective tax rate was 39.8% and 138.2%, respectively. The decrease in the effective tax rate was primarily attributable to the impact of permanent tax differences relative to pre-tax earnings, along with a $0.9 million charge for a valuation allowance recorded against certain separate company state tax loss carryforwards in the prior year. For income tax benefits related to uncertain tax positions to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. During the thirty-nine weeks ended October 31, 2015, there were no material changes to the Company’s liability for uncertain tax positions. The Company does not expect any material increases or decreases to the amount of unrecognized tax benefits within the next 12 months.

INCOME TAXES

9 Months Ended

Oct. 31, 2015

NOTE 6—INCOME TAXES

The Company recognizes taxes payable for the current year, as well as deferred tax assets and liabilities for the future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. The Company’s effective income tax rate differs from the U.S. statutory rate principally due to state taxes, foreign taxes related to the Company’s Puerto Rico operations and certain other permanent tax items. The annual rate depends on a number of factors, including the jurisdiction in which operating profit is earned and the timing and nature of discrete items. For the thirteen weeks ended October 31, 2015 the effective tax rate was a 30.7% expense as compared to a 29.0% benefit recorded in the corresponding period of the prior year.

For the thirty-nine weeks ended October 31, 2015 and November 1, 2014, the effective tax rate was 39.8% and 138.2%, respectively. The decrease in the effective tax rate was primarily attributable to the impact of permanent tax differences relative to pre-tax earnings, along with a $0.9 million charge for a valuation allowance recorded against certain separate company state tax loss carryforwards in the prior year.

For income tax benefits related to uncertain tax positions to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. During the thirty-nine weeks ended October 31, 2015, there were no material changes to the Company’s liability for uncertain tax positions. The Company does not expect any material increases or decreases to the amount of unrecognized tax benefits within the next 12 months.